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Shares in retailer Sports Direct (LON:SPD) rose by 1.77% to 315.50p (as of 12:00 BST) after the company announced that it would buy the iconic Frasers shop site in Glasgow. The consideration for the site is £95 million and will be paid out of the group’s existing cash resources.
Sports Direct bought House of Fraser out of administration in August for a cash consideration of £90 million. Management said that they would continue to operate the new property as Frasers and that they invest in the property to enhance it as a department store.